UBS Global Wealth Management lifts S&P 500 target on strong consumer spending, AI demand

UBS Global Wealth ‌Management raised its ‌2026 year-end target for ​the S&P 500 to 7,900 from 7,500 previously, citing ‌resilient ⁠consumer spending and seemingly insatiable ⁠demand for data center infrastructure. In ​a note ​dated ​May 21, ‌the brokerage said U.S. stocks have hit new highs despite ongoing uncertainty ‌over Middle ​East energy ​flows, ​driven by ‌hopes of an ​end ​to the conflict, strong first-quarter ​earnings, ‌and AI momentum. (Reporting ​by Akriti Shah ​in Bengaluru)